• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin May Stay in Downtrend Until End of 2024

user avatar

by Giorgi Kostiuk

2 years ago

  1. Current Situation Analysis
  2. Optimistic Scenario
  3. Moderate Scenario


    4. Popular cryptocurrency analyst Benjamin Cowen shared his opinion on the current situation with Bitcoin and possible trends for the near future.

    Current Situation Analysis

    According to well-known cryptocurrency analyst Benjamin Cowen, Bitcoin could continue its downtrend until the end of 2024. He links this to the US Federal Reserve's (FED) interest rate decisions.

    Optimistic Scenario

    The analyst believes that if the neutral rate is higher than the FED's expectations, the downtrend of Bitcoin could be broken with rate cuts. "If the FED lowers rates and they fall below the neutral rate, the downtrend may end in September. However, this is an optimistic picture,” Cowen noted.

    If the neutral interest rate is higher than the FED thinks, the downtrend could be broken in October as interest rate cuts come.Benjamin Cowen

    Moderate Scenario

    In a moderate scenario, the analyst predicts a continued decline until the end of the year. According to Cowen, to end the downtrend, a rate cut of approximately 75 basis points is needed, which is possible only by the end of the year. "Then we can start to rise again in January 2025," the analyst concluded.

    An interest rate cut of approximately 75 basis points is needed to end the downward trend. This can only happen by the end of the year.Benjamin Cowen

    Summarizing his thoughts, Benjamin Cowen noted that the cryptocurrency market will depend on the decisions of the US Federal Reserve, especially regarding interest rates.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Injective Seeks SEC Approval to Become a Transfer Agent

chest

Injective has filed Form TA1 with the SEC to register as a transfer agent, aiming to support regulated real-world asset infrastructure on-chain.

user avatarElias Mukuru

The Critical Role of Transfer Agents in Financial Markets

chest

Transfer agents are crucial for maintaining securities ownership records and facilitating transfers, especially as markets transition to on-chain solutions.

user avatarDiego Alvarez

dYdX Chains v51 Upgrade Enhances Market Flexibility with Smart Contracts

chest

The v51 upgrade of dYdX Chains allows users to launch perpetual markets without governance intervention, enhancing market flexibility.

user avatarKenji Takahashi

Sui's Confidential Transactions Aim for Selective Confidentiality

chest

Sui is exploring a selective confidentiality model for its confidential transactions, allowing sender and recipient addresses to remain visible while hiding amounts and balances, addressing privacy concerns for businesses.

user avatarMaria Fernandez

Uniswap Governance Proposes Fee Routing for UNI Token Burns

chest

Uniswap governance is reviewing a proposal to route protocol fees from selected Optimism pools toward UNI token burns, aiming to strengthen the connection between trading activity and token economics.

user avatarGustavo Mendoza

Account Abstraction Set to Transform Crypto User Experience

chest

The introduction of account abstraction aims to address user experience issues in the crypto space, such as intimidating seed phrases and confusing gas fees, with a broader rollout planned for September 2026.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.